MyFxMarkets Review 2021 - Verified Customer Reviews

Fxverify Rating
3.0
User Rating
4.0
(1)
Fxverify is the first of it's kind and only publishes user reviews by verified customers with a real MyFxMarkets trading account. Learn how we verify.

MyFxMarkets Promotions

MyFxMarkets Regulators

MyFxMarkets Review

Updated April 01, 2021
3.0
Score breakdown
Pricing: 3
Regulation: 2
Popularity: 3
User Rating: 4 (1)

MyFxMarkets overall score rank: 13 out of 35

MYFX Markets forex broker review

Risk Warning: CFDs are complex financial instruments that carry a high risk due to leverage trading. The vast majority of retail investor accounts lose money when trading CFDs. You should always consider whether or not you can afford the high risk of completely losing your funds.

KEY TAKEAWAYS

  • Accepts Bitcoin deposits
  • Max leverage 400:1
  • MAM Accounts
  • Accepts Japanese clients

Regulations and Money Protection

2.0  


Entity Name Licence & Regulation Client Money Protection Deposit Compensation Scheme Negative Balance Protection
AXIS INC. (SVG) N/A ✔️
segregated client money

Entity/Regulation

International customers: AXIS INC. (trading as MYFX Markets) will be the counterparty for all account opened by customers globally. This entity is registered in the Saint Vincent & the Grenadines as an International Business Company and regulated by the nation island Financial Services Authority (FSA) under licence number 24078IBC2017.

Client Money Protection

  • MYFX Markets complies with the highest safety standards for client's funds. For this reason, MYFX Markets client's funds are kept in top-tier international banks, fully segregated from the company's funds.

  • MYFX Markets also complies with the client money handling rules and employs strict policies and procedures regarding the maintenance and operation of these accounts. MYFX Markets holds client's money separately to the company funds and does not use these funds for any operational expenses or purposes.

Deposit Compensation Scheme

MYFX Markets does not offer a client's deposit compensation scheme, as AXIS INC. is not regulated by any tier-1 Financial Authority overseeing an Investor Compensation Fund. Therefore, if AXIS INC. is unable to meet its financial obligations, or in case of bankruptcy, clients will not be entitled to any financial compensation.

Negative Balance Protection

MYFX Markets does not offer Negative Balance Protection. For accounts opened via AXIS INC. there isn't a NBP mechanism in place for the sake of no negative balance. Without NBP, AXIS INC. customers are not protected from any losses bigger than their original investments, in cases of extreme market volatility.

Accounts, Instruments and Platforms

Accounts Instruments Platforms Social trading Maximum Leverage
✔️Standard
✔️Pro
✔️MAM
❌Islamic Accounts
✔️Forex
❌Indices
❌Stocks
❌Futures
❌ETFs
❌Bonds
✔️Commodities
✔️Cryptos
✔️MT 4
❌MT 5
❌cTrader
❌Myfxbook
❌ZuluTrade
400:1 Globally

Account types and currencies

  • MYFX Markets offers two types of trading accounts; Standard e Pro. MYFX Markets currently does not offer swap-free accounts for traders of Islamic belief.

  • MYFX Markets does not offer a social trading platform or connection to the main social trading providers.

  • MYFX Markets offers MAM accounts alternatives for money managers.

  • MYFX Markets maximum leverage is up to 400:1 for accounts opened globally (subject to jurisdiction).

  • Currently, MYFX Markets trading accounts are only available in AUD, JPY and USD.

Financial instruments

Trading with MYFX Markets can be done only via the Metatrader 4 platform, available on desktop terminal and mobile versions. MYFX Markets offers a limited selection of about 60 assets to trade, including Forex, commodities and cryptocurrencies.

  • FX market - 55+ currency pairs (including Minor and Exotic crosses).

  • Commodities - 4 commodities CFDs available for trading; 2 metals (Gold and Silver) and 2 energies including UK Oil and US Oil.

  • Cryptocurrencies - 5 CFDs crosses for trading, including BTC, LTC and ETH.

Pricing

3.0  


Pricing/
Account
Standard Pro
Spread EUR/USD from 0.6 pip from 0.0 pip
Commissions (1 lot) from 7 USD
Minimum Deposit from 200 USD from 1,000 USD

Spreads

MYFX Markets spreads are not the most competitive in the market, especially for the entry-level account, the Standard. For the most traded pair, the EUR/USD, the cost starts at 0.6 pip, with an average spread of 1.3 pip, without commissions. We consider this value slightly higher when compared with other brokers. On the positive side, with an ECN modelling account, the Pro account, the EUR/USD starting spread is 0.0 pip (typically 0.5 pip).

To access the better trading conditions of the ECN modelling account (lower spreads), the cost is a broker commission. With the ECN modelling account, for the EUR/USD, the standard lot commission for 1 lot (100,000 units) is 7 USD (3.5 USD per lot and per side). We consider this commission to be quite in line with other top brokers.

Rollover Rates

Regarding swap rates, MYFX Markets does not publish, or let any third-party software publish them on their behalf. As the broker states on their website "You can access our real-time swap rates through the MT4 trading platform." Therefore, the only way to find out the current rollover rates with MYFX Markets is by opening an account (demo or real). In this case we can't compare MYFX Markets with other brokers to see if holding a 1 lot EUR/USD, long or short, is cheaper or more expensive.

Deposits/Withdrawals and Other Fees

  • Deposit fees - Trading accounts can be opened in only 3 different currencies and maintained via 5 different funding methods, including cards, bank wires and e-payments such as Sticpay and Bitwallet and Bitcoin via Bitpay. Deposits are available within 10 minutes on the trading account. MYFX Markets does not charge any fees for deposits.

  • Withdrawals fees - Effect from October 1st, 2016, MYFX Markets covers all credit card fees. There is no fee for credit card withdrawal but a 25 USD/AUD withdrawal fee per transaction for bank transfer withdrawals. For more information, please visit the MYFX Markets deposit and withdrawals dedicated page.

  • Inactivity fee - MYFX Markets does not state whether it charges or not an inactivity fee or any other account maintenance fees.

Popularity

3.0  


Forex Education Deposit Options Deposit/Withdrawals Fees Non expiring demo account Customer Support
Cards
Bank Wire
E-payments
Cryptocurrencies
❌/✔️ ❌ - 90 days Multi language
24/5 Support
Live Chat

Opened for business in 2013, MYFX Markets is a Forex broker that seems to fail in capturing the attention of new traders, as it's popularity is just average. Let's start with the not so popular side:

MYFX Markets overall trading costs are slightly higher when compared with other FX brokers; the spreads are not very competitive, plus, traders will have to pay fees for bank withdrawals. Also on the negative side, the lack of MYFX Markets educational material to help new traders in this highly-volatile market. The broker doesn't offer anything regarding education, not even the standard webinars or a weekly market outlook.

  • Trading accounts - Regarding trading accounts, we consider the MYFX Markets Pro account to be the best-value. This account is also a popular choice with traders looking for reduced trading costs and considered the best option based on the lower spread and an average commission of $7.00 per lot traded.

  • Forex education - MYFX Markets does not offer educational materials and loses some popularity points for that.
Funding Methods Bank Wire, Cards, Bitcoin, Sticpay, Bitwallet
Support Languages Chinese, English, Japanese

  • Minimum deposit - Opening a trading account with MYFX Markets it's easy and can be done via the website. MYFX Markets minimum deposit requirement is 200 USD for the Standard account. For the Pro account the minimum deposit requirement is 1,000 USD.

  • Customer support - MYFX Markets multi language customer support service is available 24 hours, 5 days a week, in 3 languages. MYFX Markets support is available via phone call, email and also live chat, available directly from their website.

Broker Profile

MYFX Markets was established on a simple principle: "create a Forex broker that we'd love to trade with ourselves". The people behind MYFX Markets are traders too and they also understand traders want a great 24-hours service, tight spreads and fast execution with minimal slippage. That's what MYFX Markets aims to deliver.

MYFX Markets trading solutions are sophisticated enough for experienced traders yet simple enough for the beginner. Whatever a trader's Forex experience, the broker has a solution that suits it's needs. MYFX Markets assists traders by giving them an opportunity to trade Forex as an asset class.

The trading platform gives traders access to the latest market data and MYFX Markets delivers exceptional client support. Traders will enjoy direct access to multiple destinations of liquidity on the Forex markets. At MYFX Markets, the focus is always on integrity, service, and execution.

MYFX Markets offers online trading services in Forex, CFD's and cryptocurrencies. Accounts can be held in USD, AUD and JPY. MYFX Markets offers the most popular software in the industry, the MetaTrader 4 (MT4), available on desktop and mobile versions. Expert advisors (EAs) for other trading styles, including automatic trading, scalping, hedge trading and swing trading are also allowed.

Overall, on our MYFX Markets review, the broker scores an average 3.0 out of 5.0 as, currently, we consider this company unsafe for traders looking for a regulated broker with guaranteed safety of funds. Also on the downside, the very limited offering of trading assets, the uncompetitive pricing of the Standard account, trading available only via the MT4 platform and the lack of Forex educational materials available, are all ingredients that penalize the broker's cumulative rating. On the positive side, the deposits via Bitcoin are attractive to traders looking to diversify into other markets.


Data supplied in partnership with CashBackForex - Forex Rebates places MYFX Markets on the top 35 brokers for popularity with traders opening an account in 2020.


Was this review helpful? Share it with a friend!

MyFxMarkets User reviews

Account types:
Sort:
4.0
(1 review)

MyFxMarkets user rating score rank: 10 out of 35

MyFxMarkets Account types user rating

MyFxMarkets Products

Forex